The attention began when investors switching from tech to financials which came just as the near 9-year global rally was preparing to achieve another milestone. The world’s broadest equity measurement, the MSCI all-country index, was on track to end November with a 13th straight monthly gain this Thursday. This would be the longest winning streak in the 30-year history of the index.

But, there was no celebration due to the tech problems. Samsung and China stocks had dropped again in Asian trading, the mood improved in Europe. Germany’s Dax and France’s CAC 40 both inched up for the third day, London’s FTSE lingered on hopes of Brexit negotiations which pushed the pound higher and Wall Street futures pointed to a U.S. later rebound.

A Morgan Stanley report was released early this week that possibly is encouraging the tech concerns stating the “super-cycle” in memory chip demand is probable to peak soon.

THE HERALD FINANCE REPORT

Shares of Amazon.com, Apple, Google parent Alphabet Facebook (FB.O) and Netflix all dropped between 2 percent and 5.5 percent on Wednesday. Asia’s Samsung fell 4.3 percent to two-month lows. Tech concerns were not just limited to stocks. The explosive cryptocurrency Bitcoin dropped $1,000 to the low of $9,250 before hitting $10,100. The Nasdaq index remains gaining 26.8 percent year to date, about 7 percentage points over the MSCI world and Bitcoin is up 950 percent.

“It is true that if you look at the world’s semiconductor sales on chart, their year-on-year growth appears to be peaking out,” said Hiroshi Watanabe, an economist. “But if you look at what’s driving demand, it’s not just smart phones and actually a lot of things.”

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